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Definition of MSME (Micro Small and Medium Enterprises)
June 3 , 2020
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- The Union Cabinet approved the changes made to the definition of MSMEs.
- This revision was done after 14 years since the MSME Development Act came into existence in 2006.
- According to the new definition, MSMEs with investment of Rs 1 crore and Rs 5 crores have been classified as Micro units.
- The MSMEs with annual turnover between Rs 10 crore and Rs 50 crores are classified as small units.
- The MSMEs with annual turnover of Rs 50 crore and above are classified as Medium units.
- There are more than 60 million MSMEs in the country.
- They contribute to 29% of India’s GDP and are offering 110 million or 11 crore jobs.
- They contribute to almost half of exports from the country.
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